HydroGraph Clean Power has announced that it has closed a non-brokered private placement in which it has raised a sum of CAD$4,218,199.96 (almost USD$3,200,000).
HydroGraph will use the net proceeds of the fundraise to increase commercial scale production, continue to invest in business development teams, and develop and advance application partnerships. In particular, the proceeds will provide capital to complete the build out of the Company’s modular commercial production cell for fractal graphene, its flagship product, that will produce 1 gram per second. Expected to be complete by 4Q 2022, the difference in output will reportedly be orders of magnitude higher than current production. The funding will also initiate the development of the reactive graphene commercial production unit with a 200 kg per day capacity—compared to previously 2-4 kg per day—to be complete in 2023.
"We’re very pleased with the overwhelming demand for this financing which will allow us to invest in growing our commercialization team with talent from targeted industries and accelerating sales,” said Stuart Jara, Chief Executive Officer of HydroGraph. “The Board and I are appreciative of the support from existing shareholders and our management team, who have all participated in this successful fundraising round.”
In May 2022, Hydrograph announced plans for commercial scale production and in June 2022 HydroGraph announced the opening of its new manufacturing plant.